On August 1, 2020, the following were the account balances of B8B Repair Services. During August, the following summary transactions were completed. August 1 Paid $400 cash for advertising in local newspapers. Advertising flyers witl be Included with newspapers delivered during August and September. 3 Paid August rent $380. 5 Recelved $1,200 cash from customers in payment on account 10 Paid $3,120 for salaries due employees, of which 51,700 is for August and $1,420 is for jaly salaries payable. 12 Received $2,800 cash for services performed in August. 15 Purchased store equipment on account $2,000. 20 Paid creditors $2,000 of accounts payable due. Purchased supplies on account $800. Paid \$2,900 cash for employees' salaries. Billed customers $3,760 for services performed. Recelved $780 from customers for services to be performed th the future. Instructions 1. Enter the August 1 balances in the ledger accounts. (Use T-accounts.) 2. Journalize the August transactions. 3. Post to the ledger accounts include profit and loss ledger accoun 4. Prepare financlal position statement at the end of the month